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Young Canadians confident about home buying

TORONTO - More young Canadians believe owning a home is a very good investment, according to a new RBC home ownership poll.

It says 86 per cent of those aged 25-34 believe owning a house or condo is a solid investment, up from a reading of 78 per cent last year.

RBC says that attitude is also reflected in buying intentions, with interest from the 25-34 age group rising to 41 per cent in the latest poll compared to just 25 per cent in 2013.

The bank also says its poll reveals that while 62 per cent of Canadians intend to buy a home with their spouse or partner, 28 per cent Canadians say they intend to buy a home by themselves.

Top factors considered by those who intend to buy this year include job stability and manageable debt.

And, among those likely to buy a home within the next two years, RBC says four-in-10 will be first time homebuyers.

"The increase in the number of those who feel the housing market is a good investment, as well as the number of those who intend to buy, really highlights that Canadians have no doubt in the strength of the housing market, said Erica Nielson, RBC's vice president of home equity finance.

"These findings, which are uniform across Canada, are the result of a number of factors, including job stability and having saved enough for a down payment."

The online poll of 2,591 Canadians was conducted by Ipsos Reid between February 4 and 14, 2014.

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